Connect Group plc Ticker: LSE:CNCT Price: 30p Shares: 247m Market cap: £74m Net debt: £70m EV: £145m Core EBIT: £41m EV/EBIT: 3.5X Core FCF: £28m FCF yield: 35% Thesis Summary Connect Group is a classic GoodCo/BadCo. The GoodCo in this case is Smiths News, the … Continue reading Connect Group plc
Author: hiddenvalueblog
Hostelworld Group plc (LSE:HSW)
Ticker: LSE:HSW Market cap: £110m EV: £90m Normalised EV/FCF: 5X (pre-tax) Summary & Disclosure I own … Continue reading Hostelworld Group plc (LSE:HSW)
Staffline (AIM:STAF)
Overview Staffline has had a tumultuous twelve months to say the least. It all began with an ominous trading update in early January of this year, where they mentioned net debt had spiked to £63m from £37m in the preceding half due to acquisition costs and "exceptional items". Then on the 30th of January, they … Continue reading Staffline (AIM:STAF)
Odds & Ends
I've been pretty slack on the blog front of late, partly because I have not made many substantial investments that have warranted a full write-up, partly because it is summer and I have been on holidays and finally because a decent chunk of my time has been consumed reviewing (and bidding) on some private deals. … Continue reading Odds & Ends
Realm Therapeutics (NASDAQ:RLM) pt.2
Summary The following does not constitute investment advice and represents my opinion - which is biased because I am a shareholder. However, we encourage all shareholders in Realm to exercise their rights as owners of the copy and VOTE in the upcoming shareholder meeting. My firm, BAVARIA Industries Group AG, owns approximately 6% of … Continue reading Realm Therapeutics (NASDAQ:RLM) pt.2
Friends Bank (OTC:FRIE)
Note: this is an extremely illiquid situation. I purchased a few hundred shares over the week following the announcement, but have been unable to acquire any more at a price I consider safe. Therefore, this may not be an overly actionable idea, but is still interesting nonetheless. Business overview Friends Bank (FRIE) is an … Continue reading Friends Bank (OTC:FRIE)
Realm Therapeutics (AIM:RLM)
Disclosure - my firm and I have a substantial investment in Realm Therapeutics. The following should not be viewed as financial advice or a recommendation. Summary Realm Therapeutics, is a broken bio-tech, currently trading at a substantial discount to our estimated cash backing of 16p per share. We believe this opportunity exists for two … Continue reading Realm Therapeutics (AIM:RLM)
The Local Shopping REIT – Part 2
Recap Last month I posted a short summary describing why I thought LSR represented an interesting short term, arbitrage bet. The short version was: LSR traded at a substantial discount to its NAV and the largest shareholder had announced they may make a bid for the remaining shares. At the time, the stock was trading around 27p … Continue reading The Local Shopping REIT – Part 2
The Local Shopping REIT (LSE:LSR)
Overview The Local Shopping REIT (LSR) has been on my watch list for some time now as the company has been pursuing an orderly liquidation. I never built a position because the potential upside was never enough to justify the uncertain timing of the returns or the final realisable value. The situation changed last Wednesday … Continue reading The Local Shopping REIT (LSE:LSR)
Radisson Hospitality AB (OM:RADH)
This is going to be a brief post summarising my recent decision to purchase Radission Hospitality (RADH). Full disclosure, I own a material stake in RADH purchased ~2-3 months ago, however, I will base all number on today's price of ~SEK 36.00 The timeline In August of this year, HNA Group (a Chinese consortium) … Continue reading Radisson Hospitality AB (OM:RADH)
